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narcissists hate being ignored, lets see if its true lolzzz... I dare you all
Fcuk off buddy5 - filtered.
Thanks Sean
The Board of Directors of SolGold (LSE & TSX code: SOLG) wishes to provide an update regarding progress of the Pre-Feasibility Study ("PFS") with respect to the Alpala copper-gold porphyry project ("Project") on the Cascabel concession in northern Ecuador.
The Alpala Project Team and the Project Committee, chaired by Interim CEO Keith Marshall, are making good progress studying potential Alpala mine plans while addressing a number of mine development and metallurgical enhancements as well as potential upsides, and are continuing to target the release of the PFS in late 2021.
The Alpala deposit comprises 2,663 Mt at 0.53% CuEq in the Measured plus Indicated categories and contained metal content of 9.9 Mt Cu, 21.7 Moz Au and 92.2 Moz Ag [1]. The core of the deposit measures approximately 900m in height and 500m in diameter. Given the size and geometry of the deposit, the Company is quite optimistic that the PFS will demonstrate that it is amenable to underground caving mining methods.
The Company is confident that this revised approach being studied from that which was previously considered is much more beneficial for SolGold and will deliver significant shareholder value. The Company is currently expanding its team of experienced technical staff, with Ms Lisa Park, Head of Metallurgy having officially joined in recent days.
Key considerations that suggest the superiority of the revised approach currently being studied for the development of the Project include:
· much earlier access to the resource with shortest time to potential first production;
· a more selective mining approach, without sterilising the remaining resource, reducing dilution without compromising metal extraction;
· optimal size and orientation of an underground footprint with the potential for two extraction levels to minimise dilution and upfront development Capex; and
· mining of higher head grades in the earlier years of potential production.
The company is optimistic that the revised mine plan currently being studied as part of the PFS process could deliver similar metal production while mining significantly less material. This could result in potentially significant cost savings. The crushing, processing and waste storage requirements are also expected to be reduced accordingly as would, in this potential scenario, the upfront capex associated with these installations.
Anticipated benefits of the revised approach being studied include lower expected execution risks, lower expected pre-production capital and significantly reduced time to first potential production.
SolGold is also investigating options that could provide further upside to the value of the Project including:
· near-surface, open pittable mining options at and near the Alpala deposit;
· hydroelectric power options to reduce power costs;
· further metallurgical testing to increase copper, gold and silver recoveries; and
· electrification of u
SolGold's MD & CEO, Darryl Cuzzubbo, commented on the PFS:
"I am extremely pleased to announce the results of the pre-feasibility study for the proposed Cascabel mine in Ecuador. In essence, it supports what we have believed all along - that this project is no ordinary mining asset. Cascabel will be a significant, multi-decade and very low cost producer of copper that can help enable Ecuador's emergence as the next copper frontier at a time when the world needs copper the most as we transition to a net zero carbon emissions future.
This project is economically attractive and based upon assumptions that we believe can be delivered upon. There is further upside that will be explored over the coming months and the next phase of the project as we seek the necessary Government approvals to move into early works and execution.
Such a project will create over 6,000 indirect and direct jobs, not to mention will bring significant royalty and tax revenue benefiting all Ecuadorians."
SolGold's Chair of the Cascabel Project Steering Committee, Keith Marshall, commented on the PFS:
"I am very encouraged with the pre-feasibility study. It offers, what I consider to be, a robust but flexible solution for the development of the underground mine at Cascabel. The study focused on the "right sizing" of the project, with the objective of reducing the technical and execution risk. It also provides a straightforward approach to mining the deposit that optimises selectivity, without compromising any of the resource and maintaining optionality.
I am confident that the study lays the solid groundwork for the next steps in the Cascabel project. I am particularly looking forward to progressing the study work and being able to expand our operational activities in Ecuador."
Former CEO and now Non-Executive Director and a direct and indirect shareholder with 12.9% of SolGold Nick Mather said:
"The various upsides at Cascabel offered by additional mineralised porphyry systems still being outlined and assessed, potential for additional production and treatment plant capacity, refinements to the mine plan, continued low cost of capital and what I see as the opportunity for long run higher copper prices as the world electrifies, suggest that this project indeed has considerable further upside to be evaluated.
More importantly, SolGold's comprehensive exploration footprint and ongoing exploration success will, in my view, establish not just one project of significance but a string of them throughout Ecuador, defining a globally important copper province and the potential to have a significant impact on Ecuador's economy. In a world of visionary enterprise looking to address escalating metal demand to facilitate global electrification and limit global warming to 2oC in an economically, socially and environmentally just manner, SolGold's position is unique."
Economic EvaluationThe PFS investigated multiple scenarios in order to identify an initial base case to take forwards, with additional resources and upside to be investigated, supporting the next phase optimisations, and confirming the application of block cave mining to the Alpala underground resource. Attractive initial cave project, potentially delivering:?Initial 26-year operating life and 25Mtpa process plant throughput?Total ore production of 558Mt, containing 3.3Mt Cu, 9.4Moz Au and 30Moz Ag?Process plant producing 2.8Mt Cu, 7.6Moz Au and 21.7Moz Ag over the initial 26 year life of the project?Average annual production in five years following initial cave ramp up of 190ktpa Cu, 680kozpa Au and 1.3Mozpa Ag?Average annual production7 for initial cave of 132ktpa Cu, 358kozpa Au and 1.0Mozpa Ag ?All in sustaining cost of US$0.06 /lb Cu over the initial 26 year mine project?Estimated initial capital expenditure of US$2.7bn for the initial cave development, first process plant module and infrastructure?Payback of 4.7 years from start of operations?After-tax NPV and IRR of US$2.9bn and 19.3%, respectivelyAn initial Mineral Reserve estimate for the Cascabel project of 558Mt, with 0.58% Cu, 0.52 g/t Au and 1.65 g/t Ag for 3.3Mt Cu, 9.4Moz Au and 30Moz Ag.Exploration success and future potential with unexplored areas identified for future drilling and extension of additional reported resources.The PFS underpins the Mineral Reserve estimate and further optimisations of the mine and process plant are expected to deliver additional value.The availability of low-cost hydropower, on site water resources, the use of targeted underground mining, process plant configuration, the potential use of an electric mining fleet, concentrate transport via a pipeline are expected to deliver a lower carbon footprint compared to projects which do not have these benefits.The Cascabel project DFS is planned for completion in H2 CY23, with additional optimisations including:?Further investigations into process plant feed rates, including additional resources such as the Tandayama-Ameríca resource?Capital cost reduction opportunities?Alpala underground mine design optimisation, mine sequence and scheduling, application of macro blocks ?Process plant design optimisation, following additional test work?Hydropower project development
The Fraser Institute Mining Survey has moved Ecuador up from 58th out of 77 countries, to 24th out of 84 for it's " Investment Attractiveness Index", Ecuador looking very positive for a mining investment PoV
https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2021.pdf
Economic EvaluationThe PFS investigated multiple scenarios in order to identify an initial base case to take forwards, with additional resources and upside to be investigated, supporting the next phase optimisations, and confirming the application of block cave mining to the Alpala underground resource. Attractive initial cave project, potentially delivering:?Initial 26-year operating life and 25Mtpa process plant throughput?Total ore production of 558Mt, containing 3.3Mt Cu, 9.4Moz Au and 30Moz Ag?Process plant producing 2.8Mt Cu, 7.6Moz Au and 21.7Moz Ag over the initial 26 year life of the project?Average annual production in five years following initial cave ramp up of 190ktpa Cu, 680kozpa Au and 1.3Mozpa Ag?Average annual production7 for initial cave of 132ktpa Cu, 358kozpa Au and 1.0Mozpa Ag ?All in sustaining cost of US$0.06 /lb Cu over the initial 26 year mine project?Estimated initial capital expenditure of US$2.7bn for the initial cave development, first process plant module and infrastructure?Payback of 4.7 years from start of operations?After-tax NPV and IRR of US$2.9bn and 19.3%, respectivelyAn initial Mineral Reserve estimate for the Cascabel project of 558Mt, with 0.58% Cu, 0.52 g/t Au and 1.65 g/t Ag for 3.3Mt Cu, 9.4Moz Au and 30Moz Ag.Exploration success and future potential with unexplored areas identified for future drilling and extension of additional reported resources.The PFS underpins the Mineral Reserve estimate and further optimisations of the mine and process plant are expected to deliver additional value.The availability of low-cost hydropower, on site water resources, the use of targeted underground mining, process plant configuration, the potential use of an electric mining fleet, concentrate transport via a pipeline are expected to deliver a lower carbon footprint compared to projects which do not have these benefits.The Cascabel project DFS is planned for completion in H2 CY23, with additional optimisations including:?Further investigations into process plant feed rates, including additional resources such as the Tandayama-Ameríca resource?Capital cost reduction opportunities?Alpala underground mine design optimisation, mine sequence and scheduling, application of macro blocks ?Process plant design optimisation, following additional test work?Hydropower project development
SolGold's MD & CEO, Darryl Cuzzubbo, commented on the PFS:
"I am extremely pleased to announce the results of the pre-feasibility study for the proposed Cascabel mine in Ecuador. In essence, it supports what we have believed all along - that this project is no ordinary mining asset. Cascabel will be a significant, multi-decade and very low cost producer of copper that can help enable Ecuador's emergence as the next copper frontier at a time when the world needs copper the most as we transition to a net zero carbon emissions future.
This project is economically attractive and based upon assumptions that we believe can be delivered upon. There is further upside that will be explored over the coming months and the next phase of the project as we seek the necessary Government approvals to move into early works and execution.
Such a project will create over 6,000 indirect and direct jobs, not to mention will bring significant royalty and tax revenue benefiting all Ecuadorians."
SolGold's Chair of the Cascabel Project Steering Committee, Keith Marshall, commented on the PFS:
"I am very encouraged with the pre-feasibility study. It offers, what I consider to be, a robust but flexible solution for the development of the underground mine at Cascabel. The study focused on the "right sizing" of the project, with the objective of reducing the technical and execution risk. It also provides a straightforward approach to mining the deposit that optimises selectivity, without compromising any of the resource and maintaining optionality.
I am confident that the study lays the solid groundwork for the next steps in the Cascabel project. I am particularly looking forward to progressing the study work and being able to expand our operational activities in Ecuador."
Former CEO and now Non-Executive Director and a direct and indirect shareholder with 12.9% of SolGold Nick Mather said:
"The various upsides at Cascabel offered by additional mineralised porphyry systems still being outlined and assessed, potential for additional production and treatment plant capacity, refinements to the mine plan, continued low cost of capital and what I see as the opportunity for long run higher copper prices as the world electrifies, suggest that this project indeed has considerable further upside to be evaluated.
More importantly, SolGold's comprehensive exploration footprint and ongoing exploration success will, in my view, establish not just one project of significance but a string of them throughout Ecuador, defining a globally important copper province and the potential to have a significant impact on Ecuador's economy. In a world of visionary enterprise looking to address escalating metal demand to facilitate global electrification and limit global warming to 2oC in an economically, socially and environmentally just manner, SolGold's position is unique."
KEY HIGHLIGHTS
Estimated US$5.2bn pre-tax Net Present Value ("NPV") and 25.3% Internal Rate of Return ("IRR")
Estimated US$2.9bn after-tax NPV, 19.3% IRR and 4.7 year payback period from start of processing[2], [3], [4], [5]
After-tax NPV would be US$4.1bn (US$7.9bn pre-tax) and IRR 23.4% (30.5% pre-tax) at current spot commodity prices[6]
Estimated average production[7] of 132ktpa of copper, 358kozpa of gold and 1Mozpa of silver - 212ktpa copper equivalent ("CuEq")[8] - with peak[9] copper production of 210ktpa (391ktpa CuEq8)
Initial project Life-of-Mine ("LOM") All-In-Sustaining Cost ("AISC") of US$0.06/lb of copper, placing Cascabel well within the first decile of the copper industry cost curve1
On achieving nameplate capacity, average of approximately 190ktpa of copper, 680kozpa of gold and 1.3Mozpa of silver (>330ktpa CuEq8) over initial 5 years at an average negative AISC of US$(1.38)/lb
Estimated pre-production capital expenditure of US$2.7bn for the initial cave development, first process plant module and infrastructure
Initial Mineral Reserve of 558Mt containing 3.3Mt Cu @ 0.58%, 9.4Moz Au @ 0.52g/t and 30Moz Ag @ 1.65g/t over an initial 26-year mine life
Potential mine life upside in excess of 50 years following initial LOM[10]
Annual after-tax free cash flow ("FCF") to average US$740m5, 7, peaking at over US$1.6bn5, 9
Average annual EBITDA[11] of nearly US$1.2bn5, 7, peaking at over US$2.4bn5, 9
Additional optimisations being progressed for a PFS Addendum planned for completion in H2 CY22
Cascabel project Definitive Feasibility Study ("DFS") planned for completion in H2 CY23
Thanks matey that's really helpful
RK,
I’ve listened to the first few minutes and it appears to be a high level PR job. I’ll listen to it all tomorrow.
Redknight1,
Solgold is mentioned, Ecuador is mentioned and the America’s look very positive. I’m pleased it wasn’t hyped up, just a fair view of the reporter for once.
Copper down played in some recent reporters posts, then you look at the futures high demand, not much makes sense at times.
I hope Solgold entertain more smelters and the like who want some skin in the mine, may flush out those in the wings, futures bright, futures copper lol
Atb
Jason posted that on his Linked in page in February...barely a mention of Solgold...negative on PFS delays...
Just to clear that up,lol.
well spotted nothing to see here folks
I think you may have miss read the information, tx date was a year ago, but reporting date is today, the tx date is when we had the last placing, so these i assume are the shares BHP acquired in the placing
Filed 2022-04-27 16:11
Tx date 2021-04-30
I thought that the increased BHP holding was as a result of the primary bid on 27th April 2021
https://ceo.ca/insiders/bhp-billiton-plc if I understand that right?
Its all in Spanish
How do you get the translation...?
Ah....Tesla 1....now I remember....
After over 200 consecutive posts telling investors STA that the company is bust ( a company that has nothing to do with mining and in which he/she is clearly not invested...
He/she reappears on here with erudite words of wisdom to deramp SOLG
Congratulations...!
I agree on that easyp
Morning all. BBG could you explain why you said Fortescue has the most mining tenements in Ecuador, when all info I have seen its clearly Solgold with over double number that Forttescue have?
Cheers
DK
Please enlighten us Tesla...